Seeking Alpha

Lloyds underlying profit +22% as impairment charges drop

  • Lloyds' (LYG) Q1 underlying pretax profit climbed 22% to £1.8B.
  • Statutory pretax profit dropped to £1.37B ($2.31B) from £2.04B, which included gains from the sale of government securities. Consensus was £1.7B.
  • Net interest income rose 10% to £2.81B.
  • Net income fell to £1.15B from £1.53B.
  • Impairment charges dropped 57% to £431M, costs -5% to £2.3B.
  • Tier 1 ratio rose to 10.7% from 10.3% at the end of 2013; leverage 4.5%.
  • Lloyds expects to float 25% of its TSB division by the end of June, and to apply for permission to restart dividend payments in H2.
  • Shares are +3.5% in London. (PR)

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